greg: let's call it the milk fiscal cliff if congress doesn't take action before new year's day. the price of jury could more than doubled because of a law enacted way back in the 1940s. a reporter is live with the details. dominic? reporter: no one is doing anything about this in washington yet. a gallon of milk could reach $8 if we go over what they are calling the milk cliff. a new farm bill could be approved in budget cuts here is what will happen if the deal doesn't get done. what they call permanent law, says the government has to buy huge stocks of milk at twice the price. farmers will flock to the government as they make easy money, that causes a shortage of milk in the commercial market, and the agriculture industry says the hold up is disastrous. >> this is a bad outcome. i don't think we should want, nor should we advocate for, nor should congress consider it a good outcome if permanent law goes into effect. reporter: the dairy industry says congress can wrap this up quickly, but if it doesn't, it looks like more than just the cows. >> things like wheat and corn. it wo